Category: Business

Finance Minister visits CAC,lauds Registrar-General achievements within 100 Days in Office

Emporium Reporters

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has applauded the Registrar General, Corporate Affairs Commission (CAC) Hussaini Ishaq Magaji for taking the Commission to the next level. He commended the Registrar General for launching online premium services for same day registration, same day update application, same day status report application, same day search, from 24hours incorporation he met on assumption of office 100 days ago. The Minister who was at CAC on Friday to show support and encouragement, admonished the Commission to imbibe artificial…

CAC, JTB strengthen collaboration to enhance robust Tax Administration

Emporium Reporters

Corporate Affairs Commission (CAC) and the Joint Tax Board (JTB) have agreed to strengthen their collaboration in order to achieve seamless tax administration. This was disclosed today during a visit to the CAC Registrar-General/CEO, Hussaini Ishaq Magaji, SAN by the Executive Secretary, JTB, Mr. Olusegun Philip Adesokan. The Registrar-General said the visit would afford the two agencies the opportunity to strengthen their existing collaboration on several areas, among which is the API exchange to enhance seamless Tax Identification Number (TIN) generation. The CAC boss therefore thanked the Executive Secretary, JTB,…

CBN to relocate headquarters from Abuja to Lagos

Emporium Reporters

The Central Bank of Nigeria (CBN) is set to relocate some of its departments from Abuja to Lagos State. According to an internal memo, the departments affected include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection; Payment System Management, and Financial Policy Regulations NewsBand gathered that the decision is designed to decongest the apex bank’s head office. Though, some staff members of the apex bank this medium learnt, have reportedly rejected the transfer, claiming that it is motivated by sectional bias. An official of the CBN who doesn’t want to…

CAC targets AI to enhance future operations

Emporium Reporters

The Registrar-General/CEO of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji has said Speed, Cost, Accuracy, and timeliness will be among the important determining criteria for the evaluation of a global registry in the future.   Hussaini Magaji stated this while declaring open the 2023 Management Retreat of the organisation in Keffi, Nassarawa State. CAC Registrar-General said the theme: “THE ROLE OF THE CORPORATE AFFAIRS COMMISSION IN PROMOTING INVESTMENT AND ECONOMIC DEVELOPMENT.”underscored the role the Commission played in the birth and sustainability of businesses.   Represented by Justine Nidiya, Director…

CAC to delist 91,000 companies over failure to file annual returns

Emporium Reporters

The Corporate Affairs Commission has said it will remove 91,843 companies from its registry following their failure to file their annual returns.   This list, published on the commission’s website, shows a sudden reduction of 2,738 companies from the initial count of 94,581 disclosed back in August   Mr Garba Abubakar, the CAC’s Registrar-General and Chief Executive Officer, announced in July that the agency would erase 100,000 registered companies from its database for failing to complete an annual return.   He said, “CAC steps up enforcement of 100,000 companies to…

CBN suspends processing fees on cash deposits

Emporium Reporters

The Central Bank of Nigeria (CBN) has suspended the processing fees on cash deposits above N500,000 until April 2024.   The apex bank made the announcement in a circular signed by Adetona Adedeji, its acting director of banking supervision, on Monday.   Recall that the immediate past CBN governor, Godwin Emefiele, had, in a bid to promote the cashless policy in the country, implemented the cash deposits limit to check cases of money laundering and other illegal financial transactions.     However, the new directive by the apex bank read,…

CAC ,FIRS to strengthen collaboration for Nigeria’s economic growth

Emporium Reporters

Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS) have agreed to reinvigorate their existing collaboration in realising their respective mandates. This indication was given Wednesday 6tg ,2023 during a visit to the FIRS Executive Chairman, Mr. Zacch Adedeji, by the CAC Registrar General/CEO, Hussaini Ishaq Magaji, SAN. The Registrar General said the visit was to further cement the already existing collaboration between the CAC and FIRS as well as familiarise them. Hussaini Magaji, who spoke on the Commission’s mandate vis-à-vis its relationship with the FIRS, noted with delight…

FIRS suspends penalties, interests on pending tax liabilities

Emporium Reporters

The Federal Inland Revenue Service, FIRS, has approved amnesty on penalties and interests for outstanding tax liabilities.   The chairman of FIRS, Zacch Adedeji, said this in a statement on Sunday in Abuja.   The News Agency of Nigeria reports that the FIRS imposed sanctions and interests for failure by companies to fulfil their tax obligations.     Mr Adedeji said that the step was in recognition of the challenges that many taxpayers had faced in settling their tax obligations.   He said that it was a demonstration of President…

JUST IN: Supreme Court extends use of old naira notes till further notice

Emporium Reporters

The Supreme Court of Nigeria has extended the use of old naira notes indefinitely. This is coming following the request by the federal government for the extension of use of the N200, N500 and N1000 notes which were redesigned under the administration of Muhammadu Buhari. While ruling on the request, a panel of the apex court on Wednesday ordered that the old notes remain legal tender until necessary facilities are put in place for their replacement.

CAC Boss asks defaulting companies to file Annual Returns before December deadline

Emporium Reporters

The Registrar-General/CEO of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji has reechoed the need for defaulting companies to file annual returns before the December deadline expired to avoid sanctions. The Registrar-General stated this while receiving in his office an eight-man delegation from the Miners Association of Nigeria led by their President, Dele Ayanleke on a courtesy visit. He stressed that the CAC had issued a series of public notices, including a recent video appeal, on the need for defaulters to comply with the provisions of the law and file…